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We are ready for consolidation – SG MD


SOCIETE GENERALE Ghana has hinted that it is prepared to meet the new minimum capital requirement by the Bank of Ghana.


The outgoing Managing Director (MD) of the bank, Mr Sionle Yeo, explained that the requirement was important in order to make them stronger and be able to finance legal transactions of the bank.


According to him, the bank is ready to be part of a consolidation as the bank has gained the permission at the group level.


“Should there be any opportunity that we deem good for us, so clearly, not only would we meet the minimum capital required on our own but also we are ready to be a player of a consolidation should we have any significant opportunity,” he explained.


Mr Yeo, outlining some of the bank’s success at a Business Cocktail organised by the bank, said 2017 was a good year as it showed  the success of the transformational strategy designed in 2015 and implemented in 2016.


He said “in 2017 our gross loan book grew by over 42% for both retail and corporate, translating into steady market share gains from 3% in 2016 to over 4% in 2017.”


He added that the bank had contributed towards the development in the country, as their key objective as a bank is to ensure the growth and sustainability of small-scale enterprises and corporate clients that would propel the economy of Ghana to greater heights.


Mr Hakim Ouzzani, the in-coming MD of the bank, in his remarks, said from his experience in the banking sector he could see  emerging competitions within the Ghanaian banking industry.


He, however, said, “The competition should move to a culture where banks effectively reach out to the clients and the general public to mobilize deposits and provide financial support for businesses, particularly corporate clients and SMEs.”


According to the in-coming MD, the bank will follow practices that will promote efficient market penetration in order to increase their market share within the Ghanaian banking industry.


He assured the staff that staff welfare and human development would be very high on his agenda because the staff and clients are assets of the bank.


Mr Alexander Matmat, Director of International Banking of Africa, Mediterranean Basin and Overseas of SG Group, Paris, stated that as a true development of the Government of Ghana, SG Paris and SG Ghana had financed quite a number of projects for the government in the various sectors of the economy to the tune of US$653 million from 2008 to 2018.


He said “this excludes the SG Group’s participation in the cocoa syndication from1997 to date and financing of Parliamentary and Council of State car loans as well as the financing of the government’s  ‘One District, One factory’ policy.”


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